Correspondence 1989-1992 Waldron

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� ,. .� - � l3ATE : T0: FROM: SU�,7'ECT : � C� MEI�iORAN DU�i April 27, 1990 Steve Sarkozy , Craig A. Waldron Additional informati regarding modified tax increment bill. This memo is a fol�ow up tc� the previous memorandum tha to you that was based on Vex�n Peterson's hear�ng notes,� I f°�arcled the opportunity tca preliminarily review the modified bill T��'�e �ad quzte slmpl�, we are extremel �ortunate to �.ave had ��e ' To put it modify our districts and formulate the new c�istricts c�ty C°�ncil legislation went into effect! before this The new bill is bl�tan�ly restrictive. A iew exampl�s re restrictions are as follows: lating to t�� 1• New redevelopment c�istricts lose LGA anci I�iACA aid s� year 5 based on the amount of education aid ti�at ��auld hypothetically be lost as a result af the �ap��r�d �,n�rem� nt. 2• The redevelopment district criteria is completel cha could not have developed �he �win Lakes �c��st�ict �we originally proposed). �S 3• 75� of tax increment must be spent within a distri substantially precluding poo�ing, ct thus, 4• Economic development c1i�t�icts are further in�a particularly as a result o:� the fact that th,e HACAa a�d ted, ramifications are ef:�eetive immed�ately. �GA (All of the afox�ementiAned items beco�e effec�i�� Apxil 30 , 1990) . Or�e item that does concern me that I believe we can easi relates �o the April 30 etfective date. 1Y address of the fact that a number of cities were lt�ryingt �O ��Came aware dis�ricts before the ne�, bi�� Wa� evelop new formulated stating that all of the new re t ict ons a 1 S�t iGtion was for which a certifica�ion request �aas made after Map ch�3 � distri�ts before May 1, 19g0, Ba�e�i on the fact th,at �ve ��re ��r �1' �994 and April 3o date, our certification reque�� was sub�itted oriking wi�h the April 2. These r�strictioras do not app�y if: 1. 2. The City enters into a deve].opment agrement for a si�te 1a� in the new district, ated Bonds are issued to finance project costs�